FAST FIVE: "As Soon As Possible": US Preparing To Wean Itself Off Russian Nuclear Fuel
“As Soon As Possible”: US Preparing To Wean Itself Off Russian Nuclear Fuel Russia's dominance in the global nuclear fuel market presents another massive challenge for Washington, especially the liberal hawks in the Biden administration, who are trying to wean Western countries off Russian energy supplies.
For instance, uranium extracted from mines to refine into fuel for nuclear reactors takes three to five years. Russia controls about two-fifths of the global enrichment services market and supplies almost a quarter of the fuel for the US' 93 operational nuclear reactors.
This is another chokepoint the US is trying to avoid. Earlier this year, Washington banned imports of Russian fossil fuel products, though uranium wasn't part of the sanctions. “We should not be sending any money to Russia for any American energy or for any other reason,” Granholm said in May.
The Biden administration is working toward expanding a uranium supply chain to wean itself off Russian supplies though top congressional Democrats recently balked at Biden's $1.5 billion request in an upcoming budget bill to support domestic uranium enrichment programs. “We need to signal that the US is committed to its own fuel supply as well as the conversion and enrichment components of the supply chain. “This investment in our own supply chain is a critical piece of that,” Granholm said in Vienna. The American nuclear industry could soon see a resurgence since the Three Mile Island facility accident in 1979 sent it into a tailspin for decades if Granholm and the Biden administration can get funding. She said the government would support the demand side rather than taking direct ownership stakes in facilities. “We would be using the market to make sure this capability gets out,” she added.
The goal is to be independent as soon as possible.” Several nuclear fuel supply chain companies, including Honeywell International Inc., General Atomics, and Centrus Energy Corp., could benefit from atomic independence from Russia. Readers may recall we have outlined Nuclear Power Is Staging A Remarkable Comeback and Why Nuclear Energy Is More Relevant Than Ever. Remember we outlined in 2020: Buy Uranium: Is This The Beginning Of The Next ESG Craze. Tyler Durden Thu, 09/29/2022 – 21:20.